Hearing rumblings about changes to our pension options upon retirement. Anyone hearing details?
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Re @heq+1hQJ7h0W, Biden signed protections for multi-employer plans, which were in serious trouble. I'm not sure how well funded the PBGC is regarding single-employer plans, i.e, T.
Re @bfb+1hQJ7h0W, state boards comprised of insurance companies only take over pension payouts if a company (like Verizon did) sells its pension to an insurance company, and the insurance company fails. As long as a company owns the plan, it's the PBGC that's takes over a terminated plan.
As we are approaching end of the year financial advisors have to meet their quotas and get as many heads as possible. That is their job. You know the drill. We have performance reviews also. So do not get panic and take a deep breath before you hand your hard earnings to someone else to manage and pay commission for it. Think hard. Are the financial advisors really fiduciary?
Randy pulled a fast one, and funded $9.5B of pension liability with ownership of some portion of the wireless network. Hopefully that wont burn us.
https://www.reuters.com/article/us-att-pension/att-will-boost-pension-fund-with-9-5-billion-equity-stake-idUKBRE89I14Y20121019
I love all of you that are being solicited by an outside financial management company that don't realize that you're being solicited by a financial management company. Bless your hearts.
Don't forget: The Ratty, Stink and Whitacre and other execs will get paid their pensions before any of the grunt pensioners when Toxic-T runs out of $.
“ Pensions are etched in stone, nothing they can do to eliminate. Even if and when T goes bankrupt the PBGC will pay you.”
Under the UAL bankruptcy, the PBGC only funded 6.6 billion of the 9.8 billion funding deficit of the united airline pension . The employees pensions shared a 3.2 billion reduction due to the shortfall. You are not being guaranteed a full pension through the PBGC if T goes under. Some retirees have been shafted and received as little as 30% of their owed pensions when their employer went under.
"https://www.whitehouse.gov/briefing-room/statements-releases/2022/07/05/fact-sheet-president-biden-announces-historic-american-rescue-plan-pension-relief-for-millions-of-union-workers-and-retirees/ "
That is propaganda, not law. Kongress will not pass that into law. When Toxic-T goes belly up because of the Rat and the Stink's, the retirees will see maybe a penny on the dollar. Take the lump before December and run! Run Forest, Run! Divorce yourself of the Stink and don't depend on any Gooberment handouts. They won't be there for you unless you are Hunter's bud!
When interest rates go up your lump sum goes down. Aug thru Nov is when T will calculate what your lump sum will be. Annuity is not affected by interest rates.
I'm taking the annuity as a revenue stream. T will be dancing on my grave. Anything is possible with T and bankruptcy (I'll take that chance).
Biden signed into law a cash infusion into PBGC solvency. 50..75% of my monthly pension would be paid out through them if T goes belly up.
https://www.whitehouse.gov/briefing-room/statements-releases/2022/07/05/fact-sheet-president-biden-announces-historic-american-rescue-plan-pension-relief-for-millions-of-union-workers-and-retirees/
Those emails from the Retirement Group are misleading. I have seen no evidence that actual pensions are going down, if you elect to take a monthly pension.
If you are worried about this, call Fidelity and get the straight scoop, don't trust the Retirement Group.
"Pensions are etched in stone, nothing they can do to eliminate. Even if and when T goes bankrupt the PBGC will pay you."
Wrong. Before the pension goes to PBGC the company has two options: 1) Pay you lump or 2) transfer the pension obligation to an insurance company, like maybe Prudential who then takes over the pension obligation ... but Insurance company obligations are then regulated by state law that varies from state to state, not regulated by the Federal government.
https://www.pbgc.gov/about/pg/other/how-pension-plans-end
I have been emails from Retirement groups that said the AT&T Pension program payouts could go down the largest amount in employee history in 2023.
That’s all they are saying and then inviting you to an online seminar.
Pensions are etched in stone, nothing they can do to eliminate. Even if and when T goes bankrupt the PBGC will pay you.
Wrong. I know Teamsters that get 50% of their entitled pension once it went to the PBGC.
Pensions are etched in stone, nothing they can do to eliminate. Even if and when T goes bankrupt the PBGC will pay you.